BASF to sell U.S., Canadian polystyrene business to INEOS Americas, LLC
BASF announced that it is selling its polystyrene business in the United States and Canada, including its Joliet, Ill., production facility, to INEOS Americas, LLC, the North American subsidiary of INEOS, an international chemical company headquartered in Lyndhurst, United Kingdom.
The sale of the polystyrene business is part of BASF's successful implementation of its North American restructuring program. The transaction requires approval by the U.S. Federal Trade Commission (FTC). Financial details were not disclosed. As part of the agreement, BASF will transfer approximately 140 employees to INEOS. The Joliet polystyrene facility has a total capacity of approximately 385,000 metric tons per year and produces general-purpose polystyrene (GPPS) and high-impact polystyrene (HIPS).
BASF also remains committed to the polystyrene business on a global scale, and will continue to manufacture and sell polystyrene in other regions. BASF is the second-leading supplier of polystyrene in the world, and was the fourth largest producer of polystyrene in the United States and Canada. The company has sold polystyrene in the region continuously since 1992, when the company purchased the Joliet facility from Mobil Chemical.
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